CAC sets to Partner NAICOM to Enhance Fight Against Money Laundering



By Biola Lawal

Abuja: (Flowerbudnews):  The Corporate Affairs Commission (CAC) and the National Insurance Commission (NAICOM) have resolved to  collaborate to enhance the national fight against money laundering.

The resolution was reached during a courtesy call to the CAC by NAICOM, Rasheed Mahe, CAC Head, Media said in a statement on Thursday in Abuja.

The Commissioner for Insurance, Thomas Olorundare Sunday, said that access to the CAC’s database, particularly its Beneficial Ownership Register, would be fundamental to enriching its operations.

The NAICOM Boss applauded the Commission’s reform initiatives and prayed for a stronger working relationship with the CAC.

Responding, the Registrar General and CEO of the CAC, Alhaji Garba Abubakar, maintained that since 2021, when the Commission began implementation of CAMA 2020, it has made available details of persons with significant control (PSC) in all newly registered companies.

While addressing some of the concerns of the NAICOM boss, the RG said it was challenging for the CAC to capture PSCs for all the nearly 5 million registered entities, as some of them were legacy companies.

In the near future, Garba Abubakar said, the BOR will be a standalone register in open data format, providing access for the download of information. (Flowerbudnews)Ô